James Purchased a New Business Asset (Three-Year Personalty) on July

Multiple Choice

James purchased a new business asset (three-year personalty) on July 23, 2017, at a cost of $40,000. James takes additional first-year depreciation but does not elect Section 179 expense on the asset. Determine the cost recovery deduction for 2017.

A) $8,333
B) $26,666
C) $33,333
D) $41,665
E) None of the above